Sareum released a trading update on 19 August ahead of its full-year results (financial year end 30 June 2021) expected in October 2021. Final pre-clinical studies on the lead asset, TYK2/JAK1 inhibitor SDC-1801, are now expected to commence in Q421 (previously Q321) due to COVID-19 induced supply disruptions. The timeline for the clinical trial application (CTA) and Phase I clinical trials, however, remains unchanged (end Q421 and early 2022 respectively). Short-term liquidity issues have been alleviated following two subscriptions to high net-worth individuals raising £2.37m in June and a further c £2.18m in July and August 2021. Although increased R&D expenses widened the FY21 net loss to £1.6m (versus £0.96m in FY20), the cash balance has improved (£2.7m at the end of June 2021 versus £1.3m at the end of December 2020).
